The UAE and Italy have strong trade links. Italy is one of the UAE’s most important trading partners in Europe. According to Edoardo Napoli, Consul General of Italy in the UAE, bilateral trade has increased dramatically in a variety of areas, including jewellery, construction, and technology.
Speaking to Gulf Today, Edoardo Napoli stated, “In June 2024, we recorded a bilateral trade volume of approximately 4.8 billion euros, representing a 26% increase over the first six months of 2023.” Italian exports are around 3.8 billion euros, while imports are 1 billion euros, resulting in a positive trade balance of 2.8 billion euros for the country. Italy has proven itself as the tenth largest supplier of the UAE, with a market share of 3%.
The Consul General emphasised the expansion of mutual trade between the two friendly countries, saying, “Current trends indicate that annual trade between Italy and the UAE will continue to rise. For example, a recent Euromonitor report predicted strong growth in the Italian jewellery market. Between 2022 and 2023, the average compound annual growth rate climbed by 4%; according to Euromonitor predictions for the next five years, the sector’s CAGR will increase by an average of 4.8%.
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